UNITED STATES (WSYR-TV) — The craft beer industry is hoping Congress acts on a set of tax breaks before they expire at the end of the year.
The Craft Beverage Modernization and Tax Reform Act passed back in 2017 and reduced the federal excise tax for brewers.
According to the state brewers association, New York is currently fourth in the country with craft beer, adding $3.4 billion to the state economy.
“If it would go back to the old, higher rate. it would be disruptive to our business,” said Jim McGreevy of The Beer Institute.
Supporters are urging Congress to extend the law or make it permanent. If Congress fails to act, taxes could nearly double for many small domestic brewers that produce fewer than two million barrels a year.
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